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January 10, 1977 Dear Gus, I am grateful for your letter of January 6 and the sentiments that it contains. These are fully reciprocated. Yours was the major role in obtaining and retaining for Dean Witter and Co. Utah Internationals business. The relationship between the two companies has served each well, and I am particularly grateful to you for all you have done to make this so. Because we were such old and good friends, I could always be frank with you and bring to your attention such grievances, real or imaginary, that were on my mind with the certain knowledge that something would be done about them. Many, many thanks. Warmest regards always, EWL/nf Mr. Gustav Knecht, Jr. 45 Montgomery Street San Francisco, Calif. 94106

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January 10, 1977 Dear Gus, I am grateful for your letter of January 6 and the sentiments that it contains. These are fully reciprocated. Yours was the major role in obtaining and retaining for Dean Witter and Co. Utah Internationals business. The relationship between the two companies has served each well, and I am particularly grateful to you for all you have done to make this so. Because we were such old and good friends, I could always be frank with you and bring to your attention such grievances, real or imaginary, that were on my mind with the certain knowledge that something would be done about them. Many, many thanks. Warmest regards always, EWL/nf Mr. Gustav Knecht, Jr. 45 Montgomery Street San Francisco, Calif. 94106